How Much is Social Security Benefit Reduced if You
Keep Earning Income: SSA Q&A Has Details
Also, Many may be unaware of Supplemental Security
Income (SSI) benefits for the disabled
23, 2014 - Judging by the questions being asked and published by the
Social Security Q&A, it seems those wanting to know about benefit
reductions due to earning income after filing for retirement benefits is
increasing. Oscar Garcia, SSA public affairs specialist, walks through
the calculation in this weeks Q&A. He also explains Supplemental
Security Income (SSI) benefits.
I am 63 years old. My estimated retirement
benefit is $1,100. I plan to keep working and make $33,000 this year.
Will I be able to receive any benefits if I apply?
Even at $33,000, you would still qualify for
benefits for a few months this year, but not until the later part of the
year. Here is how it works.
With an estimate of $33,000 in earnings for 2014,
you would be earning more than the allowable limit. We count one-half of
any earnings above the annual limit against your benefits for 2014. Your
estimated 2014 earnings are $33,000. The annual earnings limit in 2014
is $15,480. The difference between these two amounts is $17,520.
We count one-half of the $17,520, or $8,760. The
$8,760 represents the amount of your overall earnings that have to be
counted against your benefits for the year. Essentially, you forfeit the
first $8,760 in monthly benefits for 2014.
So now you have to take your monthly benefit amount
and determine how many months it would take for SSA to withhold the
$8,760 in excess earnings. Since your monthly Social Security
retirement benefit is $1,100, it would take approximately eight months
to withhold the excess earnings from your monthly benefits.
In this example, you would not qualify for a
monthly benefit until September 2014. It is important to understand
that you must apply for benefits in January in order to have January
considered as one of the months that can be used to count towards the
excess earnings. If you do not contact Social Security until February to
apply for your retirement benefit, then February is the first month that
can be used to count towards the excess earnings. As long as you apply
in January, or you contact us in January and schedule an appointment,
you will be able to include January for the purpose of counting your
My daughter is nineteen years old. In her senior
year of high school, she had an accident that paralyzed her. It does not
look like she will be able to work in the near future, and since she has
never worked she has not paid Social Security taxes. Can Social Security
still help her?
Your daughter may qualify for Supplemental Security
Income (SSI) benefits. SSI is a needs-based program paid for by general
revenue taxes and run by Social Security. It helps provide monetary
support to people who are disabled and who have not paid enough in
Social Security taxes to qualify for Social Security disability
To qualify for SSI, a person must be disabled, and
have limited resources and income. For more information, visit our
website and check out our publication, You May Be Able To Get SSI,
Oscar Garcia is a Public Affairs Specialist with
the Social Security Administration. You can direct your questions to him
at: SSA, 411 Richland Hills Drive, San Antonio, Texas, 78245. You can
also email him at Oscar.email@example.com.
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